Yes. In providing services to a foreign covered person, a U.S. person may opine on the legality of a transaction under U.S. sanctions laws, including by providing a legal opinion, certification, or other clearance as to the legality of such transaction, where it would be prohibited for a U.S. person to engage in the transaction. U.S. persons may not provide such services to persons who are subject to certain restrictions under OFAC’s regulations, such as persons listed on OFAC’s SDN List.
U.S. persons, wherever located, may not otherwise approve, finance, facilitate, or guarantee any transaction by a foreign person, including one that meets the definition of a covered person, as defined in FAQ #495, where the transaction by that foreign person would be prohibited by 31 C.F.R. chapter V if performed by a U.S. person or within the United States. For example, U.S. persons could not vote on a transaction (e.g., as a board member), or execute transaction documents (other than as to the legality of the transaction, as specified above), where the transaction would be prohibited if performed by a U.S. person or within the United States.